Prestige and Valor Join Forces for INR 7,000 Crore Cluster Redevelopment in Mumbai

Prestige Group, RC Group, and Valor Estate are reportedly in advanced negotiations to undertake a massive cluster redevelopment project in Mumbai. This transformative initiative, valued at an estimated INR 7,000 crore, will reshape the housing landscape of Bandra, one of the city's most sought-after localities.

19 Housing Societies to be Revamped in Bandra
The ambitious project encompasses the redevelopment of 19 public housing societies spread over four acres in Bandra. Upon completion, these societies will be transformed into state-of-the-art residential complexes, promising modern amenities and sustainable living solutions.

Prestige Group Takes the Helm
Under the anticipated tripartite agreement, Prestige Group will lead the initiative. The company will oversee the design, financing, and construction processes, ensuring the project meets high-quality standards. With its proven track record in large-scale real estate development, Prestige Group’s role is pivotal in delivering this ambitious vision.

RC Group and Valor Estate as Key Enablers
RC Group and Valor Estate will play critical roles in securing necessary regulatory clearances and managing stakeholder coordination. Their involvement ensures a streamlined process, addressing any potential roadblocks during the execution phase.

Regulatory Approvals in the Pipeline
Once the agreement is signed, the joint entity will proceed with obtaining the floor space index (FSI) from the Maharashtra Housing and Area Development Authority (MHADA). The FSI approval is a key milestone, enabling the project to progress towards construction.

Construction Timeline and Completion Goals
The redevelopment work is slated to begin in the first quarter of the 2025-26 fiscal year. The developers aim to complete the project within four years of initiating construction, marking a significant milestone in Mumbai’s real estate landscape.

Key Highlights of the Project

• Partnership Entities: Prestige Group, RC Group, and Valor Estate.
• Project Scope: Redevelopment of 19 housing societies across four acres in Bandra.
• Estimated GDV: INR 7,000 crore.
• Role of Prestige Group: Design, finance, and construction.
• Role of RC Group and Valor Estate: Regulatory approvals and stakeholder coordination.
• Regulatory Authority: MHADA (for FSI approvals).
• Timeline: Construction starts in Q1 2025-26; completion targeted within four years.

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